Snap just lost a key ad exec weeks before its IPO

A key ad exec is leaving Snap less than a year after joining the company — and only a few weeks before the company’s hotly anticipated IPO.

Sriram Krishnan, who left Facebook in February 2016 to help lead advertising efforts at Snapchat’s parent company, is stepping down from his role at Snap. The news was first reported by Recode’s Kurt Wagner, but Krishnan later announced it via Twitter on Sunday.

“After a great year at Snap, I’ve decided to leave and move back to SF to be closer to @aarthir, family and friends,” Krishnan Tweeted, adding in another tweet that he’s excited to be doing something “new and different” but will be taking time off for now.

At Facebook, Krishnan led one of the upcoming threats to Google’s ad dominance: Facebook Audience Network. He was hired by Snap to help boost the company’s monetisation efforts.

It’s unclear why Krishnan is leaving Snap, but the travel between his home in San Francisco and Snap’s headquarters in Venice Beach may have been taking a toll, Recode reports.

His departure isn’t ideal for Snap, which is less than a month away from its initial public offering on March 2. Snap is seeking an IPO valuation of up to $US22 billion.